Bright Dairy & Food Co, China’s third-largest milk producer by market value, plans to purchase raw-milk supply operations from its State-owned parent. The company will acquire cattle-breeding and raw-milk businesses under its parent’s Shanghai Dairy Group unit, Pan Jianjun, a spokesman for the group, said on Thursday [18 June 2015]. The deal would help Bright Food Group Co consolidate more dairy operations under its main listed arm, Pan said. Bright Food Group, controlled by the Shanghai government, joins State-owned COFCO Corp in trying to boost competitiveness by merging some of its disparate businesses…Full Article: China Daily June 2015
- The scope of Bright Dairy’s purchase includes more than 35,000 cows housed in 24 dairy farms.
- In June 2015, Bright Dairy announced it will spend as much as CNY 9 billion (US$1.45 billion) to purchases parent’s controlling stake in Israel’s Tnuva Food Industries Ltd.
- In February 2015, Bright Food Group was looking to raises its stake in Tnuva to 70% for approximately US$1.29 billion.
In May 2014, Bright Food Group purchased a 56% stake (~US$2.5 billion) in Tnuva.
- In February 2014, Bright Food Group (parent company of Bright Dairy & Food) and Citigroup are investigating (e.g. due diligence) whether to purchase (US$2.55 billion) Tnuva Food Industries.
- In May 2013, Ireland’s Glanbia (dairy company) signed a memorandum of understanding with Bright Foods Group to supply Avonmore milk to China.
- Bright Dairy & Food, a Shanghai-based subsidiary of Bright Food Group produces pasteurized milk, fresh milk, yoghurt, ultra-high heat pasteurized milk, milk powder, butter and cheese, and fruit juices. It is one of the largest dairy production and sales companies in China.
- Tnuva, Israel’s largest food manufacturer and distributor, produces frozen pastries, cheese, and other dairy products.